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Fixed-Income

In-depth investment research and commentary from Litman Gregory and our Research Alliance

Jul 31, 2017 Research Alliance The ABCs of Asset-Backed Securities—Guggenheim Investments

Finding value in complexity: The structure, risks, and investor-friendly features of asset-backed securities.

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Jul 21, 2017 Research Alliance Osterweis Capital Management Second Quarter 2017 Fixed-Income Outlook

In this slow growth, low inflation environment, we prefer economic sensitivity to interest rate sensitivity. We favor shorter duration and continue to add convertible exposure when we find compelling value.

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Jul 13, 2017 Research Alliance Osterweis Capital Management Second Quarter 2017 Fund Fact Sheets

Second quarter 2017 fund fact sheets from Osterweis Capital Management.

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Jul 06, 2017 Research Alliance Does It Make Sense that Both Stock and Core Bond Prices are Higher This Year?

Both stocks and bonds have performed well so far this year. Bonds seem to be responding largely to recent declines in inflation (inflation is the enemy of bondholders), while stock investors have had plenty of reasons to propel prices higher, including tame but near-target inflation. We don't see this current state as sustainable for very long—something has to give.

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Jul 05, 2017 Research Alliance Bank Loans Beat High-Yield Amid Rising Rates? Don’t Bank on It—Thornburg Investment Management

The conventional wisdom about bank loans' interest rate protection and security needs a credit check.

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Jun 26, 2017 Putting Bonds to Work in Our Portfolios

Flexible bond funds and floating-rate loan funds continue to make up over half of our clients’ fixed-income exposure. We anticipate their returns will far exceed those of core bonds, and recent portfolio performance has borne this out.

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Apr 20, 2017 Research Alliance Who You Callin' an Idiom?—Osterweis Capital Management

The financial media and many investors have been so focused on news headlines that they are missing the fact that economic growth is continuing to improve around the world.

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Mar 06, 2017 Research Alliance A Massive Liquidity Illusion

Gavekal Capital: Since the election we’ve heard the rally in stocks characterized as a “Trump Trade” or a “reflation” trade. We think there is a really important element missing from this analysis that could change very quickly over the next several weeks.

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Mar 01, 2017 Research Alliance High-Yield Bonds In Rising Rates

Morgan Stanley Investment Management: There are times when it might not pay to play it safe in the bond market, and one of those times is now, argues Richard Lindquist, the lead high-yield bond fund portfolio manager at Morgan Stanley Investment Management.

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Feb 23, 2017 Research Alliance Playing Defense in High-Yield

MainStay Investments: Income is still hard to come by, and that challenge is now compounded by the very real threat to principal, experienced in a rising rate environment. Suddenly, volatility matters.

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